You want to have $20,000 available at the end of five years. How much would...

90.2K

Verified Solution

Question

Accounting

image
image
image
You want to have $20,000 available at the end of five years. How much would you need to deposit at the end of each year in an account earning 8 percent interest to make this possible if the interest is compounded annually (Enter the final answer as a positive number and round your answer to 2 decimals) ? You plan to deposit $4,000 at the end of each year in an account that pays 10% interest per year. How much will the account be worth at the end of 7 years (Enter the final answer as a positive number and round your answer to 2 decimals) ? You plan to deposit $2,000 at the beginning of each year in an account that pays 6% interest per year. How much will the account be worth at the end of 8 years (Enter the final answer as a positive number and round your answer to 2 decimals)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students